Mortgage Calculator
Monthly payment breakdown and amortization schedule
Loan Details
Additional Costs
Monthly Payment Breakdown
Total of All Payments
$917,142
Total Interest Paid
$408,142
Loan Amount
$320,000
Cumulative Principal vs Interest
Rent vs Buy Calculator
Compare buying vs renting with Monte Carlo simulation
Rent vs Buy: The Real Math
Deep dive into the true cost of buying vs renting
How This Mortgage Calculator Works
This free mortgage calculator computes your monthly payment by breaking it down into principal and interest, property taxes, homeowner's insurance, HOA dues, and private mortgage insurance (PMI). All figures update in real time as you adjust the inputs, so you can quickly compare loan terms and down payment scenarios.
The monthly principal and interest payment is calculated using the standard amortization formula: M = L × [r(1+r)n] / [(1+r)n − 1], where L is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Property tax is estimated as a percentage of the home's value, and PMI is applied when the down payment is less than 20% of the purchase price.
The amortization chart shows how your payments shift from mostly interest in the early years to mostly principal over time. In the first year of a typical 30-year mortgage at 6.5%, roughly 70% of each payment goes to interest. By year 20, that ratio flips. The year-by-year table gives you exact figures for each period.
For a deeper analysis that accounts for opportunity cost, market returns, and the full financial picture of homeownership, try the Rent vs Buy Calculator which runs Monte Carlo simulations across historical market data. You can also read our detailed guide on the real math behind the rent vs buy decision.